Nestaway Technologies has entered co-living segment with the launch of a new arm The Hello World. The company plans to invest $10 million in the project.
The managed home rental player will be catering to both students as well as working professionals with The Hello World. The firm already has a presence in 15 cities such as Bengaluru, Hyderabad Delhi/NCR, Pune, Kota and Dehradun, with a capacity of 10, 000 beds. It is set to expand in nine more cities across the country and has set a target of 50,000 beds by the end of this fiscal.
The company plans to expand in Indore, Manipal, Chandigarh, Vizag, Lucknow, Ahmedabad, Cochin, Goa and Vellore, Jitendra Jagadev, founder, The Hello World told Money Control. The company will charge just one-month rent as security deposit and zero brokerage fee from its customers.
Founded in 2015, Nestaway is India’s among the first professionally managed platform to find affordable rental homes in top cities. The company acquired Zenify in May 2017, thereby formally entering the family rental solution business. Nestway reported to have raised around $100 million to expand its business.
“It’s important for urban migrants to find a sense of belonging in a new city and a place to call home. Hence, our key focus will always be to provide emotional safety to our customers while encouraging community living,” said Jagadev.
The Hello World users will have access to their own private space in single or double occupancy bedrooms along with community gatherings in their buildings, smart-tech security systems, housekeeping, 24/7 concierge service, internet, electricity, five meals a day (breakfast, lunch, evening snacks, dinner, midnight meal), internal transfers to any other property with just one month’s rent as security deposit and zero brokerage fee.
The starting range in The Hello World will be ₹9,000-15,000 per month for student housing customers and ₹9,000-18,000 per month for co-living customers.
Some of the added attractions that reportedly will be available in some of The Hello World properties are therapy dogs, free food samples for a day, and one night free in a different city for every month of stay. The co-living player will also provide free stays for parents who come to meet their children, and has specially designed queen-sized beds and rooms for the LGBTQ+ community.
The Hello World will compete with Zolo Stays, Stanza Living and Oxfordcaps.
More on co-living segment.